| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w3151
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| 来源ID | Working Paper 3151
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| Endogenous Growth and the role of History |
| Mervyn A. King; Mark Robson
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| 发表日期 | 1989-10-01
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| 出版年 | 1989
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| 语种 | 英语
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| 摘要 | This paper presents a model in which the realizations of stochastic tax and depreciation rates determine both the level and growth rate of output: externalities to investment - learning by watching - are characterized by diminishing returns, yielding a nonlinear "technical progress function". This results in multiple steady-state growth rates. History matters. It is possible that two economies with identical "deep" parameters and initial capital stocks may cycle around different trend growth rates, depending upon the historical path of fiscal shocks. Growth and cycles interact, and the nonlinearity means that output changes cannot be decomposed into a stochastic trend and a trend-stationary process. |
| URL | https://www.nber.org/papers/w3151
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/560431
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推荐引用方式
GB/T 7714 |
Mervyn A. King,Mark Robson. Endogenous Growth and the role of History. 1989.
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文件名：
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w3151.pdf
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格式：
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Adobe PDF
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